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The NJ minimum wage agreement will certainly help those earning less than $15 and hour, but the impact on New Jersey businesses will be significant. As the NJBIA points out, New Jersey businesses already face a myriad of challenges and a mandatory minimum wage increase may have unintended consequences. Only time will tell.

“The agreement by Gov. Phil Murphy and legislative leadership to raise the minimum wage to $15 an hour may be predictable, but it is far from economically responsible. Yes, the phase-in is deliberate. But there does not appear to be any consideration of the significant impacts this increase will have on small businesses and its various sectors, both now and in the future. There has been no acknowledgment of the cumulative costs our small businesses already have to absorb to run a business in New Jersey — like added mandates, expensive compliance regulations, more subsidies for energy delivery and increased taxes as a means to balance the state budget. For this, New Jersey ranks dead last for business friendliness before we even get to a $15 minimum wage.”

Government shutdown? What government shutdown? New Jersey is far better off than some other States, it appears. Let’s hope pragmatic and reasonable minds prevail and a deal is struct in the near term.

“New Jersey is one of the states least affected by the federal government shutdown, now in its 13th day, according to a Thursday study by personal-finance website WalletHub. The nationwide study compared all 50 states and the District of Columbia using five metrics: share of federal jobs, federal contract dollars per capita, access to national parks, the percentage of families receiving food stamps and real estate as a percentage of a state’s gross domestic product. New Jersey ranked 45th in its share of federal jobs, 31st in federal contract dollars per capita, 39th in access to national parks and 43rd in percentage of families receiving food stamps.”

New Jersey’s tax structure is the worst in the nation according to a recent report. Isn’t this what New Years’ resolutions are for? Let us wish that New Jersey gets it tax structure in gear to enhance our competitiveness so other states don’t keep trying to eat our lunch.

“A new study shows New Jersey’s tax structure is the worst in the U.S., thanks to its nation-leading property taxes, second-highest corporate tax and some of the worst-structured individual income taxes. The Tax Foundation’s 2019 State Business Tax Climate Index, published Wednesday, ranked New Jersey 50th, citing the state’s high taxes and its inequitable and non-neutral tax incentives. Jared Walczak, lead author for the report, said the state has picked winners and losers in its tax structure by offering carve-outs and tax exemptions for the types of businesses the state wants to attract or retain, ultimately dragging down its overall ranking.”

Burdened by onerous rules? Most New Jersey businesses could make a (not so short) list. If a pending bill becomes law, New Jersey small businesses may soon have a mechanism to dispute burdensome rules. Hope springs eternal in the Garden State!

“There already are laws in place to help cut red tape for small businesses, but there is nowhere for employers to turn when they feel burdened by government rules. That’s why the state Senate Budget Committee advanced a bill…that would help create a better pathway to reducing the impact of onerous rules.”

The New Jersey Hispanic business community is growing at a rapid pace, but banks are failing to keep up and pay attention. The banks that are will reap the rewards and form long-standing relationships with businesses that will be integral to New Jersey’s growth in years to come.

“Carlos Medina, the chair of the Statewide Hispanic Chamber of Commerce of New Jersey, knows the value of the organization and its members as well as anyone. That’s why he wasn’t surprised when more than 900 attendees came to see more than 100 booths at the chamber’s annual gala and expo Friday at the Palisadium in Cliffside Park. Medina, however, wasn’t surprised by another number: The relatively few banks in attendance…. Read More >